EUR / USD - data on US consumer inflation did not go in favor of USD dollar, but euro growth slows down

On the fundamental news front, yesterday the support of the European currency was triggered by the words of the official representative of ECB Novotny. The official said that this year the asset purchase program will be finalized, and besides that the ECB will first raise the deposit rate from - 0.4 to - 0.2 percent, and after that it will go to increase the basic interest rate.

On the chart, EUR / USD continued to strengthen on Tuesday. As expected, a serious fight unfolded around resistance 1.2340. Still, the pair was able to break above and finish the session on April 10 at 1.2354.

Now the broken resistance level took over the support functions and as we had written earlier and longs are interesting with pullbacks to this zone. At the start of the American session, the pair is trading at levels of 1.2380. The resistance zone starts from this mark (1.2380) and extends higher up to the level of 1.2415.

The day is not easy for trade today. Data on consumer inflation in the US showed a decline in consumer inflation, the index came out at -0.1%, while participants expected growth of 0.1%. The core CPI index remained unchanged at 0.2%. Well, the data is not quite in favor of the dollar, but taking into account that EUR / USD growth continues for four consecutive days, and the market is somewhat overbought, resistance 1.2380-1.2415 may pose a serious threat to further growth.

Trading recommendations - longs after a rollback to the area $ 1.2340- $ 1.2355

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